https://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Fri, 16 Nov 2018 12:10:21 +0000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Chaarat Gold encouraged by latest drill results at Tulkubash; secures US$10mln loan ]]> https://www.proactiveinvestors.co.uk/companies/news/209266/chaarat-gold-encouraged-by-latest-drill-results-at-tulkubash-secures-us10mln-loan-209266.html Chaarat Gold Holdings Limited (LON:CGH) has struck more gold its Tulkubash project in the Kyrgyz Republic in the latest round of drilling.

Since the beginning of September, AIM-quoted Chaarat has carried out another 9,000 metres of drilling at Tulkubash, which has an existing resource of 1.5mln ounces of gold.

READ: Chaarat withdraws US$2bn bid for Centerra Gold

With the results now in hand, Chaarat confirmed it had identified new, shallow mineralisation within the current pit design.

The drilling also extended the strike by over 500m and added gold mineralisation within the existing resource footprint.

Among the results was a 7.0m intercept grading 3.96 grams per tonne (g/t) of gold (Au) from a depth of 43.5m, as well as a 14.0m intercept at 0.83 g/t Au from 19.5m.

Chaarat added that road cuts have exposed “new, significant mineralisation” in the Segment IV part of the project, with one 32.0m intersection grading 1.01g/t Au.

‘Encouraging results’

“We continue to be very encouraged by the ongoing results of our drilling at Tulkubash,” said the head of exploration Dusty Nicol.

“Drilling since the interim resource update in September continues to add oxide gold mineralization. We continue to focus our drilling on mineral resource addition with the objective of maximising conversion to reserve and enhancing Tulkubash project economics.

He added: “We will be completing a year-end resource update on the completion of this season's drilling. We expect to complete the year-end resource update early in January 2019. This will form the basis of an updated reserve estimate and financial model to be completed by end-February 2019.”

By the end of this month (November) when operations are set to wind down, Chaarat expects to have completed another 900m of drilling, taking the total this year to around 20,500.

It had previously hoped to drill 30,000 metres this year, but a very dry spring and summer led to drill water shortages. Chaarat said it is taking steps to engineer a water delivery system to prevent the issue from happening again.

US$10mln funding secured

In a separate announcement, Chaarat confirmed it had secured funding of US$10mln with a previous note holder.

The money will be used to further develop Tulkubash and support the recently announced US$55mln Kapan acquisition.

“This new financing agreement is a clear expression of confidence in Chaarat's management and growth strategy,” said chief executive Artem Volynets.

“The Loan demonstrates our ability to raise capital. It also reflects Chaarat's commitment to finance the company's strategy while managing dilution and cost of capital through a combination of debt, hybrid and equity instruments.”

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Thu, 15 Nov 2018 08:55:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209266/chaarat-gold-encouraged-by-latest-drill-results-at-tulkubash-secures-us10mln-loan-209266.html
<![CDATA[RNS press release - New US$10 million loan agreement ]]> https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20181115070009_13867567/ Thu, 15 Nov 2018 07:00:09 +0000 https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20181115070009_13867567/ <![CDATA[Media files - Chaarat Gold's Artem Volynets discusses Centerra bid and expansion plans ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11093/chaarat-gold-s-artem-volynets-discusses-centerra-bid-and-expansion-plans-11093.html Fri, 02 Nov 2018 14:15:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11093/chaarat-gold-s-artem-volynets-discusses-centerra-bid-and-expansion-plans-11093.html <![CDATA[News - Chaarat Gold begins to demonstrate its appetite and its firepower ]]> https://www.proactiveinvestors.co.uk/companies/news/208345/chaarat-gold-begins-to-demonstrate-its-appetite-and-its-firepower-208345.html Just how big does Chaarat Gold Holdings Ltd (LON:CGH) want to get?

The company has never made any secret of its plans for expansion, but the revelation this week that it tabled a C$2bn bid to the board of Canadian giant Centerra (TSE:CG) is a clear statement of intent.

READ: Chaarat Gold withdraws C$2bn offer to buy Centerra Gold

The offer was ignored by Centerra, and has subsequently lapsed, but perhaps what the market should really be taking note of isn’t the chutzpah of the Chaarat board in tabling the offer, but their absolute confidence that they would have been able to get the deal funded.

As it stands, Chaarat is capitalised at around £90mln in London. Centerra’s C$2bn price tag is therefore quite a stretch.

But of course, it all depends on who you are, and who your backers are. Chaarat’s chief executive Artem Volynets has put together many such deals in the past.

“It’s a classic leveraged buyout,” he says.

“In my experience of doing transactions in this space – and I’ve done quite a few – there is always money available for a good transaction. And Centerra represents a classic breakup story if we buy it even at a very significant premium it’s probably still going to be below the net asset value.”

The reason for that is simple: Centerra has what Volynets calls a “poison pill”, an asset in the Kyrgyz Republic. In fact, the Kumtor mine is a very viable asset, and in the past, Chaarat has expressed interest in acquiring it directly from Centerra. The problem isn’t with the asset, it’s with the way the market values operations in Central Asia.

And this is Chaarat’s whole raison d’ȇtre. The company’s stated aim has for some time been to build an asset suite of significant scale focussed on Central Asia. Chaarat argues that the valuations are cheap and that consolidation will address that issue.

More to the point, the company is now staffed by senior and experienced mining industry executives with extensive experience in the region, both on a corporate and on an operational level.

Chaarat is serious about making Central Asia work, and about deriving attractive valuations from that work, something Volynets argues Centerra has thus far not been able to do with Kumtor. Centerra’s North American assets, he says, could be sold at a premium, it’s just Kumtor that’s the issue.

“Any sophisticated investor will understand that we can make a very significant return here in a very short time,” he says.

And he speculates that the only rational reason Centerra has rebuffed the Chaarat offer without even considering it is that it must have an alternative plan. Accordingly, he is encouraging Centerra shareholders to enquire of their board just exactly what that plan is.

After all, the 35% premium that Chaarat was offering is not to be sniffed at. One argument that might come from the Canadian side is that the disparity in valuations between the two companies is unbridgeable.

But this, says Volynets, won’t stand.

“It’s just a question of financial engineering,” he says.

READ: Chaarat to acquire Kapan polymetallic mine in Armenia for US$55mln

The leveraged buyout is as old as the financial hills, and in any case, Chaarat has offered Centerra sight of the financial arrangements that it would make in the event that a deal gets done. At the heart is funding to be derived from Middle Eastern investors, including sovereign wealth funds, as well as backers in Hong Kong.

It’s this Middle and Far Eastern firepower that lies behind Volynets confidence in Chaarat’s ability to do deals, and why he’s currently got another 10 or 12 in the pipeline.

The time to do it is right, he says, pointing to the similarities between two recent deals.

“The consolidation of the gold sector is happening,” he says.

“Barrick is buying Randgold, and Chaarat is buying Kapan. The key difference isn’t the size of the transaction but their relative valuations.”

Thus Barrick is paying around 8.7 times EBITDA for Randgold, while Chaarat is paying just two times EBITDA for Kapan.

“The variation is important,” says Volynets, “because it underpins what we’ve been saying, that we can do accretive transactions. We know how to do acquisitions quickly and efficiently.”

The Kapan deal takes Chaarat’s own reserve base to over a million ounces and its resource base to upwards of 9mln ounces.

But it’s only the start. With the firepower Chaarat is beginning to demonstrate, Centerra shareholders will have much to ponder. And they are not the only ones.

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Thu, 01 Nov 2018 14:51:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/208345/chaarat-gold-begins-to-demonstrate-its-appetite-and-its-firepower-208345.html
<![CDATA[News - Chaarat Gold withdraws C$2bn offer to buy Centerra Gold ]]> https://www.proactiveinvestors.co.uk/companies/news/208203/chaarat-gold-withdraws-c2bn-offer-to-buy-centerra-gold-208203.html Chaarat Gold Holdings Limited (LON:CGH) has withdrawn its proposed offer to buy Centerra Gold, the owner of the Kumtor mine in Kyrgyzstan.

Back in the spring, Chaarat approached Centerra about acquiring Kumtor, one of the largest gold mines in Central Asia which produced 500,000 ounces of the precious metal last year.

WATCH: Chaarat Gold's Artem Volynets discusses Centerra bid and expansion plans

After being knocked back, the AIM-quoted company returned with an offer to buy out Centerra as a whole, rather than just the asset.

Despite Chaarat proposing a bid of at least C$7.40 for each Centerra share, well above the current share price of C$4.95, and providing details of its funding, the Canadian miner refused to engage in any discussions.

“The board is convinced that Chaarat is a more natural long-term owner of the Kumtor mine,” read a statement on Wednesday.

“[But] due to the unwillingness of Centerra to engage with Chaarat, the Chaarat board is no longer pursuing either transaction.”

Other acquisition on the table instead

Chaarat shares remain suspended pending the publication of an admission document in relation to the potential acquisition of Kapan Mining and Processing Company, which it announced yesterday (Tuesday).

The company agreed to buy Kapan, which owns a polymetallic mine in Armenia, for US$55mln.

Assuming the deal goes ahead, it will take Chaarat’s gold equivalent production to 65,000 ounces a year.

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Wed, 31 Oct 2018 08:01:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/208203/chaarat-gold-withdraws-c2bn-offer-to-buy-centerra-gold-208203.html
<![CDATA[RNS press release - Update on Proposed Offer for the Kumtor Mine ]]> https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20181031070005_13848512/ Wed, 31 Oct 2018 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20181031070005_13848512/ <![CDATA[News - Chaarat to acquire Kapan polymetallic mine in Armenia for US$55mln ]]> https://www.proactiveinvestors.co.uk/companies/news/208156/chaarat-to-acquire-kapan-polymetallic-mine-in-armenia-for-us55mln-208156.html Late in October 2018, Chaarat Gold Holdings Ltd (LON:CGH) entered into a special purchase agreement with the Russian mining giant Polymetal for the acquisition of Kapan Mining and Processing Company.

The key asset in question is a polymetallic mine in Armenia.

The consideration agreed was US$55 million, subject to net debt, working capital and other adjustments, payable in cash, save that US$5 million of the consideration could be satisfied in convertible notes.

Chaarat’s backers have deep pockets and, more to the point, access to those with even deeper pockets, and the company was able to put together a debt financing facility which, combined with existing cash resources and the proceeds of convertible notes offering was enough to fund the acquisition.

Bringing in Kapan is an important step for Chaarat in achieving its stated goal of building a larger scale gold company with an initial focus on Central Asia and the Former Soviet Union.

The deal will take Chaarat’s anticipated gold equivalent production to 65,000 ounces per year.

Plan to build leading emerging market gold company

"This acquisition is expected to be an excellent addition to Chaarat's portfolio and accelerates our strategic aim of building a leading emerging markets gold company,” said chief executive Artem Volynets.

“It turns the company cashflow-generative in a single step and demonstrates Chaarat's ability to execute deals quickly, diligently and on accretive terms. M&A is a vital component of our growth strategy and we are delighted to be in the process of securing this asset at what management believe is a very attractive price for Chaarat and its shareholders."

Production at the Kapan mine began in 2003 and the current reserve life extends to 2023, although conversion of current inferred resources to reserves and new exploration success is likely to extend the mine life.

Chaarat’s internal modelling assumes production will continue until 2029. For the year ended December 2017, the mine produced around 50,000 ounces of gold equivalent, generating earnings of over US$20mln and profits of US$2mln.

Tulkubash will shortly enter the construction phase

It will complement the ongoing development work at the Tulkubash gold project in Kyrgyzstan, where the measured and indicated resource rings in at 1.35mln ounces at a grade of 1.35 grams per tonne.

The wider known gold occurrence at the site runs to 6.4mln ounces, but for now, Chaarat is simply focussing on the oxide portion of Tulkubash, and expects construction to begin in the early part of 2019. According to a feasibility study completed earlier in 2018, the annual output is expected to be just over 95,000 ounces of gold per year over the first 3.75 years of the mine life.

Elsewhere, Chaarat has also publicly expressed an interest in acquiring the Kumtor mine from Centerra, but so far no deal has been reached.

 

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Tue, 30 Oct 2018 15:45:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/208156/chaarat-to-acquire-kapan-polymetallic-mine-in-armenia-for-us55mln-208156.html
<![CDATA[News - Chaarat to acquire Kapan polymetallic mine in Armenia for US$55mln ]]> https://www.proactiveinvestors.co.uk/companies/news/208095/chaarat-to-acquire-kapan-polymetallic-mine-in-armenia-for-us55mln-208095.html Chaarat Gold Holdings Ltd (LON:CGH) has entered into a special purchase agreement with the Russian mining giant Polymetal for the acquisition of Kapan Mining and Processing Company which owns a polymetallic mine in Armenia.

The consideration of US$55 million, subject to net debt, working capital and other adjustments, is payable in cash, save that US$5 million of the consideration may be satisfied in convertible notes.

WATCH: Chaarat Gold reports 'significant increase' to resource and grade at Tulkubash

Chaarat expects to fund the cash portion of the consideration through a combination of new debt financing facility, its existing cash resources, and the proceeds of the previously announced convertible notes offering.

The acquisition is an important step in achieving Chaarat's goal of building a larger scale gold company with an initial focus on Central Asia and the Former Soviet Union.

The deal will take Chaarat’s anticipated gold equivalent production to 65,000 ounces per year.

"This acquisition is expected to be an excellent addition to Chaarat's portfolio and accelerates our strategic aim of building a leading emerging markets gold company,” said chief executive Artem Volynets.

“It turns the company cashflow-generative in a single step and demonstrates Chaarat's ability to execute deals quickly, diligently and on accretive terms. M&A is a vital component of our growth strategy and we are delighted to be in the process of securing this asset at what management believe is a very attractive price for Chaarat and its shareholders."

Production at the Kapan mine began in 2003 and the current reserve life extends to 2023, although conversion of current inferred resources to reserves and new exploration success is likely to extend the mine life.

Chaarat’s internal modelling assumes production will continue until 2029. For the year ended December 2017, the mine produced around 50,000 ounces of gold equivalent, generating earnings of over US$20mln and profits of US$2mln.

 

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Tue, 30 Oct 2018 08:10:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/208095/chaarat-to-acquire-kapan-polymetallic-mine-in-armenia-for-us55mln-208095.html
<![CDATA[RNS press release - Agreement to Acquire Kapan Mining Company CJSC ]]> https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20181030070712_13846840/ Tue, 30 Oct 2018 07:07:12 +0000 https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20181030070712_13846840/ <![CDATA[News - Chaarat Gold confirms acquisition being pursued is the Kapan Mining and Processing Company ]]> https://www.proactiveinvestors.co.uk/companies/news/207957/chaarat-gold-confirms-acquisition-being-pursued-is-the-kapan-mining-and-processing-company-207957.html Chaarat Gold Holdings Limited (LON:CGH) has confirmed press speculation that the medium-sized polymetallic asset acquisition in the Russian Commonwealth of Independent States referred to in its announcement of 28 August 2018 is the Kapan Mining and Processing Company CJSC.

The AIM-quoted exploration and development company, with assets in the Kyrgyz Republic, said that at this stage there can be no certainty that the potential acquisition will be completed.

READ: Chaarat Gold to raise up to US$100mln to help fund acquisition of producing polymetallic mine

It added, should a deal be reached, the company plans to sign the sale and purchase agreement as soon as practicable and a further announcement will be made in due course.

Chaarat said in its August announcement that was raising up to US$100mln to help fund the acquisition of an unnamed producing and profitable polymetallic mine in the Russian Commonwealth.

In 2017, the group had said, mine produced around 50,000 ounces of gold equivalent and turned a profit before tax of US$19mln, while the gross assets were valued at US$100mln.

It added that the acquisition would transform the company from a developer into a cash-flow generating producer with a “significant growth profile”.

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Fri, 26 Oct 2018 15:27:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/207957/chaarat-gold-confirms-acquisition-being-pursued-is-the-kapan-mining-and-processing-company-207957.html
<![CDATA[RNS press release - Update on potential acquisition ]]> https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20181026150934_13844573/ Fri, 26 Oct 2018 15:09:34 +0100 https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20181026150934_13844573/ <![CDATA[RNS press release - TR1 - Notification of Major Holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20181017104441_13832294/ Wed, 17 Oct 2018 10:44:41 +0100 https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20181017104441_13832294/ <![CDATA[News - Chaarat reassesses borrowing needs, cuts convertible debt placement to US$50mln ]]> https://www.proactiveinvestors.co.uk/companies/news/207151/chaarat-reassesses-borrowing-needs-cuts-convertible-debt-placement-to-us50mln-207151.html Chaarat Gold Holdings Ltd (LON:CGH) has reassessed its borrowing needs and is reducing its current convertible debt placement from US$100mln to US$50mln.

The reduction has been prompted by positive developments surrounding the company's proposed acquisition of a polymetallic asset, as well as accelerated project funding arrangements for the development of the Tulkubash mine, following the recent positive resource upgrade.

WATCH: Chaarat Gold reports 'significant increase' to resource and grade at Tulkubash

Significant progress has been made to bring forward a separate, potential US$100mln project debt financing package for Tulkubash, which is expected to reduce the upfront equity requirement to bring the mine into commercial production.

Chaarat has already completed the first phase of its fundraising, receiving commitments for approximately US$17.6mln from new and existing investors.

The company is now targeting commitments for up to US$50mln in total and plans to raise the remaining US$32.4mln to complete the fundraising as soon as practicable.

Chaarat is in the process of completing due diligence and finalising definitive terms on its potential acquisition and plans to sign the sale and purchase agreement as soon as practicable.

 

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Tue, 16 Oct 2018 07:53:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/207151/chaarat-reassesses-borrowing-needs-cuts-convertible-debt-placement-to-us50mln-207151.html
<![CDATA[RNS press release - Fundraise update ]]> https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20181016070008_13829641/ Tue, 16 Oct 2018 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20181016070008_13829641/ <![CDATA[News - Chaarat Gold ends first-half in sound financial position ]]> https://www.proactiveinvestors.co.uk/companies/news/205949/chaarat-gold-ends-first-half-in-sound-financial-position-205949.html Martin Andersson, the executive chairman of Chaarat Gold Holdings Ltd (LON:CGH), said the Kyrgyz Republic-focused mine developer had made good progress in 2018.

Highlights for the first half of 2018 included the intensive drilling programme at the Tulkubash oxide gold project, which identified significant new volumes of gold mineralisation, and the completion of the Tulkubash feasibility study.

READ “Significant increases” in resource and grade at Chaarat’s Tulkubash gold project

“I am delighted with the diligent execution of our strategy as we move towards our goal of becoming a mid-tier gold producer,” Andersson said.

The company is not a producer yet, and so, as might be expected, it is loss-making. In the first six months of 2018 the loss before tax widened to US$5.1mln from US$3.1mln the year before.

Cash and cash equivalents at the end of June had ebbed to US$5.95mln from US$7.46mln a year earlier.

"The company is in a sound financial position, has a strong portfolio of investments and a management team committed to driving Chaarat's growth. We look forward to the next six months with confidence,” Andersson said.

Turkish Company Started Construction in The Chaarat Gold Project #mining #miningnews #miningturkeyhttps://t.co/pIn6Ch3OLr pic.twitter.com/qA8LdDBKbq

— Mining-Turkey.com (@MiningTurkey) September 21, 2018 ]]>
Fri, 28 Sep 2018 08:18:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205949/chaarat-gold-ends-first-half-in-sound-financial-position-205949.html
<![CDATA[RNS press release - Interim statement for six months ended 30 Jun 2018 ]]> https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180928070005_13807965/ Fri, 28 Sep 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180928070005_13807965/ <![CDATA[News - Chaarat Gold contractor begins equipment deployment at Tulkubash gold deposit ]]> https://www.proactiveinvestors.co.uk/companies/news/205304/chaarat-gold-contractor-begins-equipment-deployment-at-tulkubash-gold-deposit-205304.html Chaarat Gold Holdings Ltd’s (LON:CGH) Turkish mining contractor has begun deploying equipment at the Tulkubash gold deposit in the Kyrgyz Republic.

The AIM-listed mining firm said the contractor’s initial operations would focus on the construction of temporary and permanent camps to house workforces, a temporary maintenance shop, a five-kilometre haul road between the mine and process facilities, the Kumbel pass-to-site portion of the access road, and the initial clearing and grubbing of the heap leach pad area.

READ: Chaarat Gold says first phase of fundraise successfully closed as anticipated, second phase ongoing

Chaarat said these activities were expected to lead to full-scale construction of the Tulkubash Heap Leach Project in the second quarter of 2019.

The firm added that designs for the heap leach facility had been finalised and an application for regulatory approval from the Kyrgyz authorities was being compiled.

Key positions for the construction team were also being filled to execute an integrated team delivery approach, whereby Chaarat project management would be supplemented with strategic engineering support from outside the company to form the project delivery team.

The remaining construction costs for the project are estimated to be US$130mln.

Chaarat also said that over the summer it had completed an access road from the Chatkal valley to the top of Kumbel pass, a haul road over the Sandalash river, and communications infrastructure for the mine during construction and production.

Robert Benbow, chief operating officer at Chaarat, said the mobilisation of the contractor was “a major step” in the project and the firm’s growth strategy, with first gold expected near the end of 2020.

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Thu, 20 Sep 2018 08:32:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205304/chaarat-gold-contractor-begins-equipment-deployment-at-tulkubash-gold-deposit-205304.html
<![CDATA[RNS press release - Tulkubash gold deposit construction update ]]> https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180920070006_13797500/ Thu, 20 Sep 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180920070006_13797500/ <![CDATA[RNS press release - TR1 - Notification of Major Holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180914131004_13791708/ Fri, 14 Sep 2018 13:10:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180914131004_13791708/ <![CDATA[RNS press release - TR1 - Notification of Major Holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180914130717_13791703/ Fri, 14 Sep 2018 13:07:17 +0100 https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180914130717_13791703/ <![CDATA[News - Chaarat Gold says first phase of fundraise successfully closed as anticipated, second phase ongoing ]]> https://www.proactiveinvestors.co.uk/companies/news/204807/chaarat-gold-says-first-phase-of-fundraise-successfully-closed-as-anticipated-second-phase-ongoing-204807.html Chaarat Gold Ltd (LON:CGH) has announced that the first phase of the fundraise announced on August 28 has now successfully closed as anticipated.

The AIM-listed exploration and development company with assets in the Kyrgyz Republic said the second phase of the fundraise, also announced on  August 28, is ongoing and is expected to close by the end of September/early October 2018.

WATCH: Chaarat Gold reports 'significant increase' to resource and grade at Tulkubash

At the end of last month, Chaarat announced that it had received commitments for approximately US$17mln in the first phase of up to US$100mln of a convertible debt placement with existing convertible investors, as well as select new investors.

The group added that, following positive feedback from potential investors, Chaarat will amend the interest rate and Payment-In-Kind (PIK) terms of the convertible notes.

Under the previous terms, interest on the notes would accrue at 10% per year for the first 18 months and then at 12% per year thereafter and be in PIK form, where a single interest payment is due on the final repayment date of 31 October, provided that no conversion has occurred.

The group said this shall be replaced with a combined interest rate made up of a cash coupon of 6% payable semi-annually and a 4% interest rate per year PIK which increases to 6% per year for the last 18 months of the term of the 2021 notes, again provided that no conversion has occurred.

The company also said it intends to raise additional growth capital in a second fundraising round and is targeting a further closing in late September 2018.

In a separate announcement, Chaarat also announced the appointment of Robert Edwards as an independent non-executive director with effect from today.

Edwards, a mining engineer, is the former chairman of Global Mining at Renaissance Capital and has also worked for HSBC and the Royal Bank of Canada.

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Thu, 13 Sep 2018 08:16:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/204807/chaarat-gold-says-first-phase-of-fundraise-successfully-closed-as-anticipated-second-phase-ongoing-204807.html
<![CDATA[RNS press release - Appointment to the Board ]]> https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180913070008_13788913/ Thu, 13 Sep 2018 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180913070008_13788913/ <![CDATA[RNS press release - Closing of first phase of fundraise ]]> https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180913070007_13788900/ Thu, 13 Sep 2018 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180913070007_13788900/ <![CDATA[RNS press release - Correcting Announcement ]]> https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180906162013_13781994/ Thu, 06 Sep 2018 16:20:13 +0100 https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180906162013_13781994/ <![CDATA[Media files - Chaarat Gold reports 'significant increase' to resource and grade at Tulkubash ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10343/chaarat-gold-reports-significant-increase-to-resource-and-grade-at-tulkubash-10343.html Wed, 05 Sep 2018 11:24:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10343/chaarat-gold-reports-significant-increase-to-resource-and-grade-at-tulkubash-10343.html <![CDATA[News - “Significant increases” in resource and grade at Chaarat’s Tulkubash gold project ]]> https://www.proactiveinvestors.co.uk/companies/news/204105/significant-increases-in-resource-and-grade-at-chaarats-tulkubash-gold-project-204105.html Chaarat Gold Holdings Ltd (LON:CGH) has significantly increased the resource estimate for its Tulkubash oxide gold deposit in the Kyrgyz Republic.

The AIM-quoted firm has been carrying out an intensive drill campaign at the project this year, drilling just over 10,500 metres since the end of January.

WATCH: Chaarat to acquire producing polymetallic mine

With the new data in hand, Chaarat now believes there are 1.41mln ounces (oz) of gold underfoot at Tulkubash – 46% more than it previously thought.

Being in the measured and indicated resources category, the explorer is fairly confident that the gold is in the ground. The next step will be to undertake more drilling, with the aim of moving those resources into reserves – the amount of gold it thinks it can, and is worthwhile, getting out.

The plan is to drill another 20,000 metres between now and the end of October, at which point, Chaarat will release a new reserve update. Using that data, a new resource update will be published early in 2019.

As well as the resource upgrade, the average grade has also been increased by 57%; from 0.86 grams per tonne gold (g/t Au) to 1.35 g/t Au.

Chaarat, which has also extended the strike length by just over a kilometre to 3.2km, said the latest round of drilling has enhanced its knowledge of the deposit.

READ: Chaarat hits significant gold intercepts at Tulkubash

“We are very excited by this interim resource update for Tulkubash,” said technical director and head of exploration Dusty Nicol.

“Results continue to validate our belief that Tulkubash will not only continue to grow into a world-class gold deposit, but indeed is the beginning of an emerging new gold district.”

He added: “We are of the opinion that the significant increases in tonnage, grade, and contained ounces will have a positive effect on the new reserve estimate that the company will complete in October.”

Shares were unchanged at 24.2p early on Tuesday.

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Tue, 04 Sep 2018 08:12:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/204105/significant-increases-in-resource-and-grade-at-chaarats-tulkubash-gold-project-204105.html
<![CDATA[RNS press release - Significant Increases at Tulkubash gold deposit ]]> https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180904070013_13777460/ Tue, 04 Sep 2018 07:00:13 +0100 https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180904070013_13777460/ <![CDATA[Media files - Chaarat Gold to acquire producing and profitable polymetallic mine ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10293/chaarat-gold-to-acquire-producing-and-profitable-polymetallic-mine-10293.html Fri, 31 Aug 2018 08:05:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10293/chaarat-gold-to-acquire-producing-and-profitable-polymetallic-mine-10293.html <![CDATA[News - Chaarat Gold to raise up to US$100mln to help fund acquisition of producing polymetallic mine ]]> https://www.proactiveinvestors.co.uk/companies/news/203667/chaarat-gold-to-raise-up-to-us100mln-to-help-fund-acquisition-of-producing-polymetallic-mine-203667.html Chaarat Gold Holdings Ltd (LON:CGH) is raising up to US$100mln to help fund the acquisition of a producing and profitable polymetallic mine in the Russian Commonwealth.

In 2017, the mine produced around 50,000 ounces of gold equivalent and turned a profit before tax of US$19mln, while the gross assets were valued at US$100mln.

READ: Chaarat has ambitious plans to become major player in central Asia

AIM-quoted Chaarat estimates that production will grow by 25% per annum in 2018 and 2019, with the current owner having poured in “significant investment” over the past couple of years.

The acquisition would transform the company from a developer into a cash-flow generating producer with a “significant growth profile”.

“The first asset we are acquiring will be an excellent addition to Chaarat's portfolio and accelerates our strategic aim of building a leading emerging markets gold company. It turns the Company cashflow-generative in a single step, and demonstrates Chaarat Gold's ability to execute deals quickly, diligently and on accretive terms,” said chief executive Artem Volynets.

“M&A is a vital component of our growth strategy and we are delighted to be in the process of securing this asset at what management believe is a very attractive price for Chaarat and its shareholders.”

More due diligence is due to be carried out over the next few weeks, but Chaarat hopes to have definitive documents signed by the end of September, with shareholders voting on the transaction in early November.

The acquisition is regarded as a reverse takeover under AIM rules and a new AIM admission document will be posted in mid-October.

US$100mln fundraise

To help fund the acquisition, Chaarat is raising up to US$100mln through the issue of convertible loan notes, which have a conversion price of 37p and a 10% interest rate per year which increases to 12% for the final 18 months.

The notes can be repaid before the October 31 2021 maturity date, provided that the minimum accrued interest payable on early repayment is 5% of the nominal amount.

On top of the new notes, Chaarat has also received support from its long-term convertible notes holders, all of whom have converted their notes into shares.

Through the new and existing convertible notes, the company has raised US$26mln as part of the first round of fundraising.

“This first round of fundraising is a clear expression of confidence in Chaarat's management and growth strategy,” said Volynets.

“We are grateful that nearly all of Chaarat's long-term investors have taken their opportunity to increase their exposure to our company's bright future.”

A second round which will take the total up to US$100mln is expected to close at the end of September.

Chaarat intends to put US$20mln towards the acquisition and US$40mln for the development of its Tulkubash gold project. It has also set aside US$26mln for general working purposes and future acquisitions as well as US$14mln for the refinancing of existing convertible notes.

Pipeline

Chaarat doesn’t seem to be finished with its M&A activity, with the firm noting that it “continues to make progress” with its pipeline of “highly attractive” targets in central Asia, Russia and the Caucasus region.

The company says it is still pushing to complete the acquisition of the Kumtor gold mine, having tabled an offer to owner Centerra Gold (TSE:CG) back in April.

Centerra’s board hasn’t exactly rushed to engage with Chaarat, but that may not be the deciding factor.

Much more important is the attitude of the authorities in Kyrgyzstan and Chaarat said today it is still awaiting decisions regarding the future of Kumtor from the local government.

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Tue, 28 Aug 2018 07:51:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/203667/chaarat-gold-to-raise-up-to-us100mln-to-help-fund-acquisition-of-producing-polymetallic-mine-203667.html
<![CDATA[RNS press release - Fundraise and Proposed Acquisition ]]> https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180828070009_13768768/ Tue, 28 Aug 2018 07:00:09 +0100 https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180828070009_13768768/ <![CDATA[RNS press release - Board Changes ]]> https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180815070003_13755660/ Wed, 15 Aug 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180815070003_13755660/ <![CDATA[Media files - Chaarat Gold to announce interim resource update at Tulkubash in September ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10113/chaarat-gold-to-announce-interim-resource-update-at-tulkubash-in-september-10113.html Tue, 14 Aug 2018 13:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10113/chaarat-gold-to-announce-interim-resource-update-at-tulkubash-in-september-10113.html <![CDATA[News - Chaarat hits significant gold intercepts in drilling at Tulkubash ]]> https://www.proactiveinvestors.co.uk/companies/news/201900/chaarat-hits-significant-gold-intercepts-in-drilling-at-tulkubash-201900.html Chaarat Gold Holdings Ltd (LON:CGH) has drilled approximately 8,000 metres of its planned 30,000-metre drilling programme at the Tulkubash project in Kyrgyzstan. Eight drill rigs are currently in operation on site.

It’s now been confirmed that gold mineralisation continues further along strike northeast of the existing one million ounce resource. The 2018 drilling campaign has extended mineralisation approximately 1,000 metres along strike beyond the limits of the current resource estimate.

READ: Chaarat Gold has ambitious plans to become a major regional player in Central Asia

Significant intercepts include 26 metres at 1.15 grammes per tonne gold from a depth of 27.0 metres, 11.2 metres at 1.89 grammes from 82.5 metres, and 19.5 metres at 4.33 grammes from a depth of 207.5 metres.

An initial resource update is expected in September 2018 and a more comprehensive one in the first quarter of 2019.

"We continue to be very encouraged by the results from our ongoing drilling and surface exploration programme at Tulkubash,” said Dusty Nicol, chair of the company's technical committee.

“As we had expected, drilling continues to demonstrate along strike extension of mineralisation to the northeast of the currently defined resource.  Ongoing exploration continues to generate new targets, further validating our belief that we have, to date, delineated only a small portion of a large, emerging gold district. I remain highly optimistic that this year's exploration programme will lead to a significant increase in both the size and the grade of the Tulkubash deposit.” 

 

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Tue, 31 Jul 2018 08:35:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/201900/chaarat-hits-significant-gold-intercepts-in-drilling-at-tulkubash-201900.html
<![CDATA[RNS press release - Exploration Drilling Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180731070024_13736901/ Tue, 31 Jul 2018 07:00:24 +0100 https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180731070024_13736901/ <![CDATA[News - Chaarat Gold makes changes to the board ]]> https://www.proactiveinvestors.co.uk/companies/news/201756/chaarat-gold-makes-changes-to-the-board-201756.html Chaarat Gold Holdings Limited (LON:CGH), the exploration and development company focused on the Kyrgyz Republic, has announced a number of senior management changes.

Christopher Eger has been appointed as chief financial officer and Dmitry Yudin as head of strategy and business development.

READ: Chaarat hitting new high-grade gold in drilling at Tulkubash

Eger has extensive financial, merger & acquisitions and commercial expertise in the metals and mining sector, gained over a 20-year career in investment banking, metals trading and private equity.

He was previously the chief financial officer of Nyrstar NV, where he played a major role in developing and implementing the company's transformation strategy in addition to strengthening the balance sheet.

Yudin was previously Managing Partner at ACG Amur Capital Group, an asset management and investment advisory firm specialising in Eurasian energy, metals and mining markets.

Dusty Nicol, who is currently a non-executive director, will take up an executive role as technical director and head of exploration.

Nicol has more than 40 years of experience in the mining sector.

Peter Gardner, who is currently the chief financial officer of Chaarat, will move on after a transitional period.

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Fri, 27 Jul 2018 14:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/201756/chaarat-gold-makes-changes-to-the-board-201756.html
<![CDATA[RNS press release - Senior Management Changes ]]> https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180727113051_13734392/ Fri, 27 Jul 2018 11:30:51 +0100 https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180727113051_13734392/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180712170656_13716263/ Thu, 12 Jul 2018 17:06:56 +0100 https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180712170656_13716263/ <![CDATA[RNS press release - Kyrgyz Republic Investment Forum ]]> https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180712070007_13714778/ Thu, 12 Jul 2018 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180712070007_13714778/ <![CDATA[News - Chaarat hitting new high grade gold in drilling at Tulkubash ]]> https://www.proactiveinvestors.co.uk/companies/news/200452/chaarat-hitting-new-high-grade-gold-in-drilling-at-tulkubash-200452.html Chaarat Gold Holdings Ltd (LON:CGH) has to date drilled approximately 6,000 metres of the planned 30,000 metre 2018 drilling programme. 

Eight drill rigs are currently in operation on site at Tulkubash in Kyrgyzstan.

READ: Chaarat Gold has ambitious plans to become a major regional player in Central Asia

Already, the company has confirmed that gold mineralisation continues further along strike northeast of the existing one million ounce resource.

What’s more, current drilling has demonstrated that grades appear to increase along strike to the northeast of the current resource.

Among the better intercepts are 15 metres at 1.32 grammes per tonne gold from a depth of 6 metres, 5.6 metres at 1.06 grams from 109.5 metres, and 5.6 metres at 1.01 grams from of 62 metres.

"We continue to receive very encouraging results from our ongoing exploration programme at Tulkubash,” said Dusty Nicol, chair of the company's technical committee.

“Since our last exploration update, we have demonstrated further along-strike extension of oxide gold mineralisation to the northeast of the currently defined resource, have demonstrated that the gold grade appears to be increasing in this direction, and have also identified new, shallow mineralisation within the current pit outline. Progress of drill road construction is allowing the drill rigs now to advance into Segment V, which we consider our highest priority target area with the greatest likelihood of quickly demonstrating significant tonnages of new oxide gold mineralisation.”

 

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Tue, 10 Jul 2018 08:03:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/200452/chaarat-hitting-new-high-grade-gold-in-drilling-at-tulkubash-200452.html
<![CDATA[RNS press release - Drilling Extends Tulkubash Mineralisation ]]> https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180710070005_13711314/ Tue, 10 Jul 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180710070005_13711314/ <![CDATA[RNS press release - Appointment to the Board ]]> https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180704070005_13704585/ Wed, 04 Jul 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180704070005_13704585/ <![CDATA[News - Artem Volynets becomes Chaarat chief executive, brings in new M&A projects ]]> https://www.proactiveinvestors.co.uk/companies/news/199459/artem-volynets-becomes-chaarat-chief-executive-brings-in-new-ma-projects-199459.html Chaarat Gold Holdings Ltd (LON:CGH) has appointed Artem Volynets as chief executive, replacing Robert Benbow, who becomes chief operating officer and is appointed to the board.

Volynets is a principal architect of Chaarat’s expansion strategy, under which the company aims to become a regional gold mining champion in Central Asia.

READ: Chaarat Gold has ambitious plans to become a major regional player in Central Asia

Volynets has more than 20 years' experience in mergers and acquisitions, capital markets, and senior corporate management roles. He has led private and public transactions worth more than US$30bn and managed leading businesses in the metals and mining industry.

He founded ACG Amur Capital Group Ltd in 2014, as an advisory and investment management firm with a particular focus on driving gold consolidation strategy in the Former Soviet Union countries.

In conjunction with Volynets’ appointment, the gold mining team at ACG will also join Chaarat, and all ACG projects in the gold sector will be formally transferred to Chaarat and combined with the company's existing M&A pipeline.

"After several months of productive work with the great team at Chaarat Gold, I am excited to be taking this new role at the company,” said Volynets.

“The opportunities to consolidate assets in central Asia and the CIS are significant and tangible. I and my team have been engaged for several years in evaluating these opportunities, deepening our relevant relationships and developing propositions that will create value for investors, business partners, communities and national economies across the region. Our vision is to build a leading emerging markets gold company."

Benbow’s move, meanwhile, makes a lot of sense. His expertise as a mine builder and operator makes him more suited for the operations role, as he continues to focus on the development of Chaarat’s Tulkubash project.

In addition, as part of the board reshuffle, Martin Andersson, Chaarat’s chairman and major shareholder, becomes executive chairman.

 

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Mon, 25 Jun 2018 07:54:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/199459/artem-volynets-becomes-chaarat-chief-executive-brings-in-new-ma-projects-199459.html
<![CDATA[RNS press release - Executive and Board changes ]]> https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180625070009_13691203/ Mon, 25 Jun 2018 07:00:09 +0100 https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180625070009_13691203/ <![CDATA[News - Chaarat Gold exploration drilling extends Tulkubash mineralisation ]]> https://www.proactiveinvestors.co.uk/companies/news/199374/chaarat-gold-exploration-drilling-extends-tulkubash-mineralisation-199374.html Chaarat Gold Holdings Ltd (LON:CGH) has announced that its exploration drilling has extended mineralisation at  theTulkubash gold project in the Kyrgyz Republic.

The AIM-listed exploration and development company said that 3,750 metres have been drilled to date from the planned 30,000 metres drilling programme for 2018.

READ: Chaarat well set up to support aggressive growth strategy

The company said gold mineralisation has been demonstrated to continue over 500 metres along strike north-east of the existing 1-million-ounce resource.

Chaarat Gold said that the current drilling indicated that grades appear to increase along the strike.

Dorian L. (Dusty) Nicol, chair of the company's technical committee, said: “This current drill programme is designed with the intent to maximize the conversion of new Resources to Reserves and I am very encouraged by the results of our drilling to date, especially considering that we have not yet drilled our highest priority targets.”

He added: ”We have demonstrated that gold mineralisation continues to the northeast of the currently defined Resource and the mineralised grade appears to be increasing in this direction.  As we extend drill road construction, we will soon commence drilling our highest priority targets which is an exciting step in the programme. “

"With results to date, we have still explored less than three kilometres of a 24-kilometre mineralised trend, further validating our belief that our mineralised system represents an emerging gold district,” he said.

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Fri, 22 Jun 2018 07:32:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/199374/chaarat-gold-exploration-drilling-extends-tulkubash-mineralisation-199374.html
<![CDATA[RNS press release - Drilling Extends Tulkubash Mineralisation ]]> https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180622070003_13689567/ Fri, 22 Jun 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180622070003_13689567/ <![CDATA[RNS press release - Kyrgyz Republic Investment Forum - 28 June 2018 ]]> https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180618070006_13682685/ Mon, 18 Jun 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180618070006_13682685/ <![CDATA[RNS press release - Annual Report and Notice of Annual General Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180614070003_13679001/ Thu, 14 Jun 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180614070003_13679001/ <![CDATA[News - Chaarat well set up to support aggressive growth strategy ]]> https://www.proactiveinvestors.co.uk/companies/news/198576/chaarat-well-set-up-to-support-aggressive-growth-strategy-198576.html Chaarat Gold Holdings Ltd (LON:CGH) ended 2017 with just over US$7mln in the bank, after booking a pre-tax loss of US$18mln during the year.

The loss included a US$10mln impairment charge for assets under construction, as Chaarat continues to advance its Tulkubash gold project in Kyrgyzstan.

READ: Chaarat Gold has ambitious plans to become a major regional player in Central Asia

More significant for the long-term future of the company was the marked change in tone and personnel that took place during 2017. Several key hires were made by chairman Martin Andersson, and a new growth strategy was initiated.

The first real indication of what this might look like came in 2018, post the financial year-end, when Chaarat announced a bold plan to acquire Centerra’s Kumtor mine.  

At the same time it became apparent that the new-look Chaarat has significant financial strength in depth.

In 2017 the company raised US$15mln in convertible loan notes to fund the exploration and feasibility study work for Tulkubash. 

This was augmented by a further issue of convertible loan notes and equity in December 2017 and the first half of 2018, with a further US$15mln of funds committed, including expressions of interest totalling US$3.6mln from directors and management.

“During 2018, we expect to raise further capital to fund our ongoing exploration plans, accelerate the construction of Tulkubash, re-pay existing borrowings due September 2018 and allow our mergers and acquisition activity to advance,” said chief executive Robert Benbow. 

“Our fundraising process is well underway, with potential term sheets for debt, equity and alternative financing solutions having been received.  We are encouraged by the relationships and quality dialogues we have had with both local and global institutions.”

 

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Mon, 11 Jun 2018 07:44:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/198576/chaarat-well-set-up-to-support-aggressive-growth-strategy-198576.html
<![CDATA[RNS press release - PRELIMINARY AUDITED FINANCIAL STATEMENTS ]]> https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180611070002_13673589/ Mon, 11 Jun 2018 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180611070002_13673589/ <![CDATA[RNS press release - White paper on proposed offer for the Kumtor Mine ]]> https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180606142228_13669599/ Wed, 06 Jun 2018 14:22:28 +0100 https://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180606142228_13669599/